{"id":2234,"date":"2022-01-05T08:20:03","date_gmt":"2022-01-05T04:20:03","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=2234"},"modified":"2022-01-05T08:56:08","modified_gmt":"2022-01-05T04:56:08","slug":"apply-for-a-new-credit-card","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/","title":{"rendered":"Is this a right time apply for a new credit card ?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">During the prolonged lockdown, everybody was strapped for cash. If you are thinking to apply for a new credit card instead, it might be a good or an equally bad strategy. Therefore, here are <\/span><\/p>\n<h1><span class=\"ez-toc-section\" id=\"5_things_that_you_must_keep_in_mind_before_you_apply_for_a_new_credit_card_in_uncertain_times\"><\/span><span style=\"font-weight: 400;\">5 things that you must keep in mind before you apply for a new credit card in uncertain times.\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span style=\"font-weight: 400;\">Many small businesses suffered extensive revenue losses due to prolonged COVID-19. A lack of manpower has increased the demand for credit not only in the UAE but across the globe. People around the world are compelled to apply for new credit lines to compensate for the lack of capital. But before you try to do the same, here are some suggested ways to keep in mind&#8230;<\/span><b><\/b><\/p>\n<figure id=\"attachment_2236\" aria-describedby=\"caption-attachment-2236\" style=\"width: 399px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2236\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2021\/03\/credit-card-with-new-label.png\" alt=\"apply for a new credit card\" width=\"399\" height=\"399\" \/><figcaption id=\"caption-attachment-2236\" class=\"wp-caption-text\">apply for a new credit card<\/figcaption><\/figure>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a233603d70be\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a233603d70be\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#5_things_that_you_must_keep_in_mind_before_you_apply_for_a_new_credit_card_in_uncertain_times\" >5 things that you must keep in mind before you apply for a new credit card in uncertain times.\u00a0<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#Think_about_whether_this_is_the_right_time_to_apply_for_a_new_credit_card\" >Think about whether this is the right time to apply for a new credit card:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#Calculate_your_urgency_to_get_a_credit_card\" >Calculate your urgency to get a credit card:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#Your_monthly_expenses\" >Your monthly expenses:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#Your_Existing_credit_card_bills\" >Your Existing credit card bills:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#Work_on_Replacing_lost_income\" >Work on Replacing lost income:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#Is_it_bad_to_request_a_new_credit_card\" >Is it bad to request a new credit card?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#How_long_should_you_wait_before_applying_for_new_credit\" >How long should you wait before applying for new credit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#What_credit_score_is_usually_required_to_open_a_new_credit_card\" >What credit score is usually required to open a new credit card?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/moneymall.ae\/credit-blog\/apply-for-a-new-credit-card\/#Can_you_apply_for_2_credit_cards_in_the_same_day\" >Can you apply for 2 credit cards in the same day?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<ul>\n<li aria-level=\"1\">\n<h2><span class=\"ez-toc-section\" id=\"Think_about_whether_this_is_the_right_time_to_apply_for_a_new_credit_card\"><\/span><b>Think about whether this is the right time to apply for a new credit card: <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u00a0Financial experts and economists believe that credit cards are suitable options to help individuals and companies counter the effects of revenue loss. An important point that you must keep in mind is that you are required to pay back the entire amount to the bank or financial institution at the end of each month. If you cannot do so, you are liable to pay interest on the outstanding amount. So, before you apply for that credit card, keep in mind your financial capabilities and potential to pay that amount every month<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">\n<h2><span class=\"ez-toc-section\" id=\"Calculate_your_urgency_to_get_a_credit_card\"><\/span><b>Calculate your urgency to get a credit card: <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Apply for a new credit card only if you are in very urgent need of money. Going for a 0%\u00a0 credit card offers to save a lot of money on the rate of interest. If you have a good credit history and credit score, it is a good idea to opt for such cards to counter financial instability and the lack of funds. These cards can go pretty easy on your pocket while fulfilling their purpose efficiently<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">\n<h2><span class=\"ez-toc-section\" id=\"Your_monthly_expenses\"><\/span><b>Your monthly expenses:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"> Cardholders must try to reduce their emergency expenses and avoid the increasing amount of debt in the form of the principal amount, along with the interest that is added to it. Amid the coronavirus pandemic, customers must ensure that they do not engage in unnecessary spending and save money for essential supplies like food, rent and other personal emergency items<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">\n<h2><span class=\"ez-toc-section\" id=\"Your_Existing_credit_card_bills\"><\/span><b>Your Existing credit card bills:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"> Before you decide to go ahead and get another credit card for yourself, make sure that you have paid off all the debt that has been listed in your credit report. If you have not done so, you are opening yourself up to a potentially damaging interest rate that increases your outstanding amount and overall debt to the bank. It is a smart move to make sure that you are not adding to your debt and instead, reducing it by opening a new credit line<\/span><\/li>\n<li aria-level=\"1\">\n<h2><span class=\"ez-toc-section\" id=\"Work_on_Replacing_lost_income\"><\/span><b>Work on Replacing lost income:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"> Even if getting a new credit card seems like a viable option for you, try to expand your income by taking up online ventures. Exploring the internet to look for ways to earn money while sitting at home can go a long way to replace the income that you have lost during the quarantine. Freelancing jobs, part-time online courses, and marketable skill improvement can increase your employability in the future<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You must keep these tips in mind so that you do not open yourself up to exposure after you apply for a new credit card. Also, keep in mind that applying for new credit lines when you cannot afford your existing credit can lower your credit score. Think about the big picture and don&#8217;t let your credit score get affected easily. Good luck!\u00a0<\/span><\/p>\n        <section class=\"sc_fs_faq sc_card \">\n            <div>\n\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"Is_it_bad_to_request_a_new_credit_card\"><\/span>Is it bad to request a new credit card?<span class=\"ez-toc-section-end\"><\/span><\/h2>                <div>\n\t\t\t\t\t                    <p>\n\t\t\t\t\t\tApplying for a new credit card will be reported in your AECB credit reports, When a card issuer bank looks at your credit information because you've applied for a credit card, it is a so-called \u201chard inquiry.\u201d Its not neceesorily bad, but multiple credit card application rejection can impact badly in your overall credit profile.                    <\/p>\n                <\/div>\n            <\/div>\n        <\/section>\n\t\t        <section class=\"sc_fs_faq sc_card \">\n            <div>\n\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"How_long_should_you_wait_before_applying_for_new_credit\"><\/span>How long should you wait before applying for new credit?<span class=\"ez-toc-section-end\"><\/span><\/h2>                <div>\n\t\t\t\t\t                    <p>\n\t\t\t\t\t\tThere is no specific waiting period to apply for a credit card, but as per our experts, You should generally wait atleast six months before applying for a new credit card. Over time, so called hard inquiries don't have as much impact on your credit score                    <\/p>\n                <\/div>\n            <\/div>\n        <\/section>\n\t\t        <section class=\"sc_fs_faq sc_card \">\n            <div>\n\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"What_credit_score_is_usually_required_to_open_a_new_credit_card\"><\/span>What credit score is usually required to open a new credit card?<span class=\"ez-toc-section-end\"><\/span><\/h2>                <div>\n\t\t\t\t\t                    <p>\n\t\t\t\t\t\tAgain there is not thumb rule, every bank has different requirements but Most credit card offers in UAE require good credit score. as per our last bankers survey the ideal score requirements range to apply for a credit card was 650-900                    <\/p>\n                <\/div>\n            <\/div>\n        <\/section>\n\t\t        <section class=\"sc_fs_faq sc_card \">\n            <div>\n\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"Can_you_apply_for_2_credit_cards_in_the_same_day\"><\/span>Can you apply for 2 credit cards in the same day?<span class=\"ez-toc-section-end\"><\/span><\/h2>                <div>\n\t\t\t\t\t                    <p>\n\t\t\t\t\t\tThere's no rule against applying for multiple credit cards in one day, but multiple rejections can be bad at the same time and it will be recorded in your AECB credit report.                    <\/p>\n                <\/div>\n            <\/div>\n        <\/section>\n\t\t\n<script type=\"application\/ld+json\">\n    {\n\t\t\"@context\": \"https:\/\/schema.org\",\n\t\t\"@type\": \"FAQPage\",\n\t\t\"mainEntity\": [\n\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Is it bad to request a new credit card?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"Applying for a new credit card will be reported in your AECB credit reports, When a card issuer bank looks at your credit information because you've applied for a credit card, it is a so-called \u201chard inquiry.\u201d Its not neceesorily bad, but multiple credit card application rejection can impact badly in your overall credit profile.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"How long should you wait before applying for new credit?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"There is no specific waiting period to apply for a credit card, but as per our experts, You should generally wait atleast six months before applying for a new credit card. Over time, so called hard inquiries don't have as much impact on your credit score\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"What credit score is usually required to open a new credit card?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"Again there is not thumb rule, every bank has different requirements but Most credit card offers in UAE require good credit score. as per our last bankers survey the ideal score requirements range to apply for a credit card was 650-900\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Can you apply for 2 credit cards in the same day?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"There's no rule against applying for multiple credit cards in one day, but multiple rejections can be bad at the same time and it will be recorded in your AECB credit report.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t\t    ]\n}\n<\/script>\n\n","protected":false},"excerpt":{"rendered":"<p>During the prolonged lockdown, everybody was strapped for cash. If you are thinking to apply for a new credit card [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2],"tags":[594],"class_list":["post-2234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards","tag-apply-for-credit-card"],"_links":{"self":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/2234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/comments?post=2234"}],"version-history":[{"count":3,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/2234\/revisions"}],"predecessor-version":[{"id":2290,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/2234\/revisions\/2290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media\/2235"}],"wp:attachment":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media?parent=2234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/categories?post=2234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/tags?post=2234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}